Connect with us

Hi, what are you looking for?

CleanTechnica
SolarCity, a leading American solar company, has announced it is set to begin a $1 billon residential rooftop project, doubling the number of solar systems currently on homes around the United States

Rooftop Solar

SolarCity to Launch Largest Residential Rooftop Project

SolarCity, a leading American solar company, has announced it is set to begin a $1 billon residential rooftop project, doubling the number of solar systems currently on homes around the United States

SolarCity

SolarCity, a leading American solar company, has announced it is set to begin a $1 billon residential rooftop project, doubling the number of solar systems currently on homes around the United States.

The company reports it has received funding from two major investment banks – U.S. Renewables Group and Bank of America – plus a loan guarantee from the Department of Energy. SolarCity recently received $280 million investment from Google. With this infusion of capital, the company plans to install 160,000 solar photovoltaic systems on houses and other buildings on military bases around the country in the next five years.

“This is the largest domestic residential rooftop solar project in history,” Energy Secretary Steven Chu said in a statement announcing the deal. “It can also be a model for other large-scale rooftop solar projects that help America regain its lead in the solar industry.”

Since it was founded in 2006, the company has installed 16,000 rooftop units. “This is a massive kick of momentum for the company,” said Lyndon Rive, SolarCity’s founder and CEO in a company press announcement.

In the wake of recent DOE loan failures to large solar companies like Solyndra, which filed for bankruptcy last week, Rive stresses that this deal is nearly risk-free for the lenders and government, with SolarCity putting up its own money for the panels and only getting reimbursed by its lenders after each project is complete.

Renewable Energy World reports that SolarCity owns, operates and maintains the systems, and sells the electricity to the end-user. In working with investment banks to pool together often-complicated state and federal incentives, the company streamlines the process and simply offers the customer solar electricity — often at prices lower than current electric rates.

SolarCity says it will try to employ American veterans and family members for the 750 people needed to complete the project, showing that green jobs do indeed exist. The company has seen extraordinary growth in recent years. After starting in 2006 with just two people, SolarCity has added over 600 employees since 2006.

PHOTO: SolarCity

 

 
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:



I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Advertisement
 
Written By

is a writer, producer, and director. Meyers was editor and site director of Green Building Elements, a contributing writer for CleanTechnica, and is founder of Green Streets MediaTrain, a communications connection and eLearning hub. As an independent producer, he's been involved in the development, production and distribution of television and distance learning programs for both the education industry and corporate sector. He also is an avid gardener and loves sustainable innovation.

Comments

You May Also Like

Clean Power

The massive new SunZia wind energy transmission line is closing in on the finish line, ESG or not.

Clean Power

Many people want to build new transmission lines for renewable energy like solar and wind. We dive into the issues, pro and con, on...

Buildings

A primer on public loan guarantees, grants, and tax credits for US clean industrial projects.

Clean Transport

An ABB E-mobility press release passed my desk recently, and it caught my eye because I was a bit thrown off by the news....

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.